Spreadex - the London-based spread betting company - were left licking financial wounds following the victory of Donald Trump in US Presidential elections.
A London-based punter made a staggering half a million pounds betting Donald Trump would become the next President of the United States.
The bet was placed in the form of 2x £100K bets with London spread betting providers Spreadex.
The money was traded with Spreadex.com’s fixed odds prices by a male customer, with the bets placed at different dates and on different odds over the past month.
The punter made a profit of just under £500,000, on top of the return of his original stake, as Trump beat the odds to take the title of President-Elect.
The stake, along with other big bets, has meant that the US election is now Spreadex’s biggest single betting event in history.
And, a costly event it was.
“Overall it was a costly night for us with the shock Trump win seeing punters walk away with more than a million pounds from Spreadex including one customer who won just under £500,000 from a £200,000 fixed odds bet,” says Connor Campbell at Spreadex.
Spreadex will not be alone in suffering on Trump's victory as the industry as a whole have been sent reeling by the two unexpected outcomes of Brexit and Trump.
“It’s been a political betting Armageddon,” said Féilim Mac An Iomaire at Paddy Power. “It’s been a difficult year for us. We didn’t get Brexit right either and now this one.”
“I think Trump’s celebrity factor brought political betting to a whole new audience. We had people betting on this that would never have touched a general election bet or a Brexit bet or anything like that.”
The company has announced that all winnings have been paid out to their customers first thing this morning.
“We congratulate those bold investors who had the foresight to correctly call, what to most, was such a surprise outcome,” says Campbell.
Spreadex are reflecting on a frantic night of business with their traders fielding thousands of bets into the early hours both on the election outcome itself and on the volatile reaction of global indices, forex pairings and commodities such as gold.